Excel Macro Security stuck on Low
 

Excel 2003 SP3
I can not change the macro security from Low.
I can go through the motions and select other than low but when immediately
rechecking, the value is back to low.
Can this value be locked elsewhere?

I have searched the security threads and have found many issues but none
quite the same as mine.
For what it's worth, I am free to set security level in Word without a
problem.

Anyone ever see this?